Investment Rating - The report maintains a "Recommend" rating for the company, with a target price of 14.97 yuan as of December 11, 2024, corresponding to a PE ratio of 54X / 40X / 27X for 2024 / 2025 / 2026 [4][6] Core Views - The company has entered into a strategic cooperation agreement with Huaneng New Energy, focusing on the development and application of "glass fiber-reinforced polyurethane composite borders" for photovoltaic (PV) applications, which is expected to enhance product competitiveness and brand influence [2] - The company's subsidiary, Aina New Energy, has successfully passed various tests and obtained certifications such as VDE and TÜV, indicating leading product quality in the industry [2] - The company has established a production capacity of 1.5GW for polyurethane composite borders, aligning with downstream PV industry demands [2] - The strategic partnership with Huaneng New Energy, a leading domestic new energy operator, is expected to drive long-term cooperation in the PV sector, facilitating technology exchange, business collaboration, and resource integration [3] - Aina New Energy has signed a strategic cooperation framework agreement with Beili Tongchuang for the supply of 1.08GW of composite border products from Q4 2024 to the end of 2026, with an additional sample order of 50,000 sets [3] Financial Projections - Revenue is projected to grow from 1,066.55 million yuan in 2023 to 2,314.25 million yuan in 2026, with growth rates of 19.46%, 29.60%, and 40.15% for 2024, 2025, and 2026, respectively [5] - Net profit attributable to shareholders is expected to increase from 75.28 million yuan in 2023 to 219.38 million yuan in 2026, with growth rates of 46.33%, 35.71%, and 46.76% for 2024, 2025, and 2026, respectively [5] - Gross margin is forecasted to rise from 23.57% in 2023 to 25.00% in 2026 [5] - Basic EPS is projected to increase from 0.19 yuan in 2023 to 0.55 yuan in 2026 [5] Industry and Business Outlook - The company is a leader in the packaging sector, with steady growth in industrial paper packaging and composite plastic packaging, and promising prospects in consumer paper and plastic packaging [4] - The PV composite border business is seen as a significant growth driver, with substantial market opportunities expected from material substitution [2] - The company's strategic focus on new productive forces in the PV sector is expected to contribute to revenue growth and further deepen its PV business layout [2][3]
上海艾录：深度合作华能新能源，光伏布局持续深化